I wrote about the “Best States to Retire To” and found out that the ratings were like a Whose Line is it Anyway? episode.
I realized the importance of individual weighting. Some people care more about money and expenses. While there are others that are not concerned about the finances but would love the weather.
I am in a very unique situation where I have a large amount of capital that can be deployed but I still do not want to drain my nest egg too rapidly. I’m going to determine the categories that I care about.
Finances
The obvious ideal financial situation is no taxes and a cheap cost of living, but what exactly contributes to that. I want to make clear categories but also don’t want to be comparing costs under like $2000/year. I understand that internet may cost $96 vs $80, but that 20% should hopefully be reflected in a more general cost of living measurement.
Housing
- Home Price
- Property Tax
- Deferrals or exemptions
- Homeowners Insurance
Taxes
- State Income Tax
- Retirement Income Taxed?
- Sales Tax (State & City/County)
- Estate/Inheritance Tax
Utilities
- Electricity
- Natural Gas
- Water/Sewer/Trash
- Internet
Healthcare
- Health Insurance
- Doctor Visit
- Dental Visit
- Medigap/Medicare Supplement Plan Costs
Transportation
- Auto Insurance
- Vehicle Taxes
- Gas/Ferries/Tolls
Food
- Groceries
- Restaurants
Lifestyle & Location
- Weather
- Views
- Running/Hiking Trails
- Water Access
- Walkability
- International Airport
- Family Proximity
Safety
- Acceptance of LGTBQ+
- Crime Rates
Weights and Calculations
Now that I have all the categories identified, I need to determine how important each factor is. For example, I refuse to live in a state that is not accepting of LGBTQ+. This would be considered a “dealbreaker.” Then there are things like groceries where it would be hard to imagine how expensive they could be that would cause me to not choose a location. It is also a more flexible situation where you can choose to eat cheaper food, but you can’t create an international airport.
We’ll look at these weightings in Part Two.
